Sometimes it makes sense to borrow money so that you can earn money. A Westminster Savings RRSP loan may be just what you need to start maximizing your savings today.
Readvanceable RRSP loan
With a Westminster Savings Readvanceable RRSP loan you can apply once and borrow money at a low rate every year to contribute to your RRSPs. It's easy to set up and simple to keep using every year. Read more
Catch-Up RRSP Loan
A Westminster Savings Catch-Up RRSP loan helps you take advantage of unused RRSP contribution room. Maximize your RRSPs: use a longer loan term to "catch up" on large amounts of unused contribution room or to lower your monthly payments. Read more
Why RRSP loans make sense
If you don't have money available to contribute to an RRSP then using an RRSP loan to make your contribution can make sense.
RRSP loan rates are very low so you won't pay a lot of interest over the term of an RRSP loan. However, the tax refund that you can receive when you use your RRSP loan to make even a small RRSP contribution is usually much more - even 10 times more! - than the interest you'll pay on the loan. Plus you'll earn interest on your RRSP investment!
Of course you want the best options for your circumstances. Speak to a Westminster Savings representative to help figure out the best choices for you.